islamabad
\nAs the Pakistani rupee gained massively against the US dollar, interim Information Minister Murtaza Solangi hinted at the reduction in petroleum prices in the next fortnight\u2019s review \u2014 scheduled for September 30.
\nSpeaking to the media at the Karachi Press Club on Saturday, the information minister responded to the news report saying that the rupee gained Rs30 to Rs35 against the greenback due to administrative measures taken by the interim government in the last few days.
\nHe was referring to the military-backed crackdown launched by the authorities against hoarders, currency smugglers and black marketeers after the rupee fell to a historic low of Rs308 in interbank and beyond Rs330 in the open market earlier this month.
\nThe crackdown has helped the rupee gain significantly, recovering to 291.76 per dollar in the interbank market, its highest level since Sept 5.
\nThe currency has gained 5% or Rs15 since then, supported by dollar inflows from exporters and remittances, as well as measures by the central bank to encourage legal channels for foreign exchange transactions.
\n\u201cThere are enough chances that the oil prices will be reduced in the next [fuel prices] announcement,\u201d the minister said adding that the interim government has no role in fuel prices as they are linked with international oil rates.
\n\u201c[\u2026] people will get some benefit of reduction in the value of the dollar,\u201d he remarked.
\nIn the last fortnight review on Sept 16, the fuel prices reached a historic high after the caretaker government jacked up the petrol price by more than Rs26 and diesel price by over Rs17 per litre.
\nCurrently, petrol is being sold at Rs331.1 per litre while high-speed diesel is available at Rs329.19 per litre.
\n\u2018Rupee likely to recover to 250\u2019
\nEarlier this week, Chairman Exchange Companies Association of Pakistan (ECAP) Malik Bostan expressed hope that the country\u2019s remittances may increase by 10-20% in the backdrop of the government\u2019s crackdown against hoarders, black marketeers and smugglers of dollars.
\nTalking to The News, he said because of the crackdown the foreign exchange companies, which earlier used to get around $5 million per day, are now getting $15 million per day i.e., 200% increase. For the same reason, he said the interbank and open market dollar rate has considerably come down.
\nHe assured if the crackdown continued, the dollar would come down to below Rs250.
\nBostan disclosed the crackdown against hoarders, black marketeers and smugglers of dollars has also exposed a nexus between black marketeers and banking staff.
\nHuge amount of dollars, he said, was stashed in lockers of different banks, and the bank staff in coordination with the black marketers, used these dollars for hawala\/hundi.
\nKeys of these lockers were with the corrupt bank staff members, Bostan said, adding upon receiving messages from black marketers concerned, they (bankers) used to do the illegal trading of US dollars.<\/p>\n","protected":false},"excerpt":{"rendered":"
islamabad As the Pakistani rupee gained massively against the US dollar, interim Information Minister Murtaza Solangi hinted at the reduction in petroleum prices in the next fortnight\u2019s review \u2014 scheduled for September 30. Speaking to the media at the Karachi Press Club on Saturday, the information minister responded to the news report saying that the […]<\/p>\n","protected":false},"author":2,"featured_media":357824,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-357868","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-top-news"},"yoast_head":"\n